Page 53 - Cyber Defense eMagazine September 2022

The Challenge of Hyperconnected Fraud Networks

Research continues to show a strong pattern of cross-organizational, cross-industry and even cross-
regional fraud. Hyperconnected networks exploit the same lists of stolen identity data across multiple
regions and industries. Networked fraud remains a highly nuanced threat that easily evades traditional
fraud prevention tools like static point solutions.

By combatting fraud networks with cross-industry cooperation, businesses can experience a shared view
of fraud that includes intelligence relating to online behavior, transaction trust and risk, global block lists,
allow lists and watchlists, as well as targeted industry models. By leveraging a collaborative approach,
one organization can block an entity confirmed as high-risk by another organization before further
transactions process, improving fraud prevention and adding a layer of protection against networked
attacks.

The Consistent Rise of Bot Attacks

Bot attacks are widespread, showing little discrimination for what industries they will invade. They
represent a cheap, quick and effective method of initial attack that enables identity testing at scale,
providing the opportunity for cybercriminals to validate and rapidly monetize stolen credentials.
Proactively detecting bot attacks without disrupting legitimate customer interactions or adding
unnecessary friction to key customer touchpoints takes a delicate balance.

It is necessary for organizations to set a balance between strict identity protections to protect customers
and creating too much friction in the customer experience. It is possible to keep customers happy while
also keeping them safe from bot attacks by leveraging a unified picture of identity informed by network
intelligence and targeted visibility into risk signals that indicate bots and aggregators.

Preventing Cybercrime and Protecting Customer Affinity

The complex and constantly changing cybercrime climate challenges businesses to balance interaction
speeds with fortified security and a seamless experience at every point of the customer journey. Trusted
customers will not compromise on an efficient, secure and effortless interaction every time. Consistently
delivering optimal, omni-channel customer experiences provides a competitive advantage in a crowded
digital marketplace.

A dynamic, multi-layered fraud prevention strategy protects your business in a rapidly evolving
cybercrime environment. Building a cybercrime strategy on the foundation of a unified, risk-based identity
view enables a business to deliver personalized, more secure transactions for trusted customers while
more accurately detecting and preventing cybercrime threats. Businesses can fully capitalize on the
opportunities of a well-connected omni-channel ecosystem by starting with establishing identity trust.

Cyber Defense eMagazine – September 2022 Edition 53
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